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If you’ve seen the latest Rightmove House Price Index*, you might be wondering whether the property market is beginning to slow down.
The report shows that the average asking price of newly listed homes fell by 1.0% in July, a larger-than-normal seasonal drop and the biggest July fall since 2021. At face value, that could sound concerning for sellers.
However, statistics rarely tell the whole story.
In reality, what the latest figures highlight is a market that is becoming more price-sensitive and more competitive, rather than one that’s struggling.
Rightmove* points to an increase in seller competition, with buyers having more properties to choose from than they have done in recent years. As a result, sellers are having to work harder to capture attention and secure viewings.
From my perspective, that’s not necessarily a negative thing. It simply means we’re operating in a more balanced market.
One statistic from the HPI that particularly stands out is that nearly three-quarters of homes sold so far this year have gone under offer without needing a price reduction.
That tells us two things.
Firstly, buyers are still active.
Secondly, properties priced correctly from the outset are continuing to perform well.
This is something we’re discussing with clients every day. The days of putting a property on the market at an ambitious figure and expecting buyers to catch up are largely behind us. Buyers are well informed, they have more choice, and they’re taking time to compare what’s available.
The homes generating the most interest tend to be those where the pricing reflects current market conditions from day one.
The HPI also highlights that the number of homes available for sale remains close to a twelve-year high for this time of year.
For buyers, that’s welcome news.
More choice means less pressure to make rushed decisions and a greater chance of finding a property that genuinely fits your needs.
We’re seeing this across much of the North East and North Yorkshire. Buyers are often taking a little longer to make decisions, but when the right property comes along, they’re still prepared to move quickly.
Lifestyle continues to be a major driver. Properties with attractive outdoor space, flexible accommodation and desirable village, coastal or market town locations continue to attract strong interest.
While much of the conversation around the housing market centres on house prices and mortgage rates, the latest Rightmove report also highlights several positive fundamentals.
Lenders remain competitive, wages continue to rise faster than house prices and unemployment remains relatively low. These factors are helping to support buyer confidence despite broader economic uncertainty.
That’s important because housing markets are driven by people’s ability and confidence to move, not just by headline price figures.
For sellers, my advice remains simple.
Don’t focus solely on the headline that asking prices have fallen.
Instead, focus on what the report tells us about successful sales. Rightmove’s data suggests that homes priced correctly from launch are the ones most likely to secure buyers without requiring later reductions.
Presentation, marketing and pricing have arguably never worked more closely together than they do today.
A well-presented home, supported by professional advice and realistic expectations, can still achieve an excellent result.
Summer always brings a natural slowdown as holidays and family commitments compete for people’s attention. Rightmove itself notes that seasonal distractions are playing a role in current market activity.
However, when I look beyond the headlines, I see a market that remains resilient.
Buyers are still buying. Sellers are still selling. Mortgage lenders remain active. Most importantly, people still have strong reasons to move.
For those considering a move this year, the latest House Price Index isn’t a warning sign. It’s a reminder that today’s market rewards realistic pricing, good advice and a clear understanding of local conditions.
And that’s where experienced local agents can make all the difference.
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